24 June 2025
The Insurance Authority has announced the transfer of
leadership of the insurance pool for the “Inherent Defects Insurance” product
from Malath Cooperative Insurance Company to Tawuniya Insurance Company, for a
term of three years starting 24 June 2025. The insurance pool includes
participation from 17 insurance companies across the sector.
Inherent Defects Insurance is mandatory for both residential
and commercial buildings and is a prerequisite for obtaining building permits.
It aims to protect property owners and end-users against structural defects
that may not be immediately visible and typically emerge after project
completion.
The product serves multiple stakeholders, including property
owners by safeguarding the structural integrity of their assets, contractors by
reinforcing compliance with building codes and ensuring construction quality,
and real estate developers by providing protection against latent defects and
strengthening confidence in development projects.